Prime Minister Imran Khan stated that Pakistan's economy "is on the right track", announcing that the country’s current account balance swung upwards to a surplus of $424 million in July.

"After current account balance posted deficit of $613 mn in July 2019 and a deficit of $100 mn in June 2020, in July 2020 current account balance swung upwards to a surplus of $424 mn,” the prime minister tweeted on Monday.

"This strong turnaround is a result of continuing recovery in exports, which rose 20% compared to June 2020 and record remittances," he wrote.

According to the State Bank of Pakistan, this was the fourth monthly surplus since last October.

“Pakistan’s current account balance swung into a surplus of $424 mn in July 2020 after posting a deficit of $100 mn in June. This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year,” SBP said.

“Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June,” the central bank said.